To qualify for residency in Monaco, you need to prove your financial stability by meeting several key criteria.
A bank deposit in a Monegasque bank is often required, usually of at least 500,000 euros, although this amount may vary depending on the bank and your situation (working or student).
Providing concrete proof of your financial security is essential to assure the Monegasque authorities that you can support yourself in the Principality. By depositing the minimum amount in a local bank account, working for a Monegasque company or setting up your own business in the Principality, you can demonstrate your financial independence.
To live in Monaco, it is also necessary to have a Monegasque resident card for all foreigners wishing to reside here for at least 3 months a year.
One of the financial prerequisites for residency in Monaco is the existence of an employment contract. This contract must show that you have a stable job and sufficient income to support yourself during your stay in Monaco. The employment contract may be either with a Monegasque company or within the Principality. It is essential that the employer is registered in Monaco and that your remuneration is sufficient to cover your living expenses in the Principality. An employment contract is proof of your economic integration into the Monegasque community and is a key condition for obtaining a residence permit.
Monaco law requires that anyone wishing to obtain residence in Monaco must demonstrate ownership or rental of suitable accommodation. This property can be either purchased or rented in one of the principality’s seven districts.
The purpose of this requirement is to ensure that residents have a fixed and stable base within Monaco’s territory. Renting an apartment for a short period is not sufficient; the residence must be long-term and provide a permanent living arrangement.
The property can be in your own name. If you are married, you may also provide proof that your spouse owns a property in Monaco.
Obtaining residency in Monaco involves meeting a number of complex financial and administrative criteria. In this context, it is highly recommended, if not essential, to engage specialized financial and legal advisors. These experts can assist you in several critical areas:
The residence permit also allows non-EU residents to enter, exit, and circulate within the Schengen Area. It also provides access to a digital identity for compatible online services in the Principality, as well as an electronic signature with legal value.
Four categories of residence permits can be issued to foreigners over the age of 16:
“Temporary” Category:
The residence permit can be issued without a minimum residence requirement, allowing new residents to obtain it. It is valid for one year, and the issuance fee for a first permit is €80, while the renewal fee is €40.
“Ordinary” Category:
The residence permit can be issued to individuals who have lived in Monaco for 3 years. It is valid for 3 years, and the issuance fee for a first permit is €100, with a renewal fee of €50.
“Privileged” Category:
The residence permit can be issued to individuals who have completed 10 years of actual residence in Monaco. Its validity is 10 years, and the issuance fee for a first permit is €160 (the 10-year requirement can be reduced to 1 year in special cases). The renewal fee for the privileged residence permit is €80.
“Spouse of a Monegasque” Category:
The residence permit can be issued to any foreigner who is married to a Monegasque national and has been residing in the Principality for at least 1 year. It is valid for 5 years, and the issuance fee for a first permit is €80, with a renewal fee of €40.
The application for a residence permit (formerly the resident card) must be made by any person aged 16 or older who wishes to live in Monaco for more than three months per year or establish their residence there. It is not possible to obtain this card for minors under the age of 16, but it is possible to receive a Minor Foreign National Travel Document to facilitate their travels abroad.
After this application, a "temporary" residence permit, valid for one year, may be issued without any prior residence requirement. The fee for a first permit is €80.The conditions for obtaining a residence permit are as follows:
You must have accommodation in Monaco that is suitably sized for the number of people living there, which can be one of the following:
- Ownership of a property
- Being an administrator or shareholder of a company that owns a property
- Renting a property
- Being hosted by a close relative, your spouse, or a partner
- A salary
- Professional income (independent business activity or through a company)
- Sufficient savings (the required amount depends on the Monaco bank providing a certificate)
- Financial support from a relative, spouse, or partner
Find this information on this page and follow the link to apply for your residence permit.
The residence permit (formerly the resident card) of any foreigner residing in Monaco must be renewed no later than its expiration date.
You can find all the fees here.
It is important to note that you can request the activation of your digital identity when renewing your residence permit with the agent from the Residents Section when picking up your card.
To begin this process, the following documents are required:
- A valid passport or identity card
- A sworn statement signed by the applicant
- The most recent electricity bill for your residence
- Proof of financial means (latest payslip, business permit, bank certificate issued by a Monaco bank, or military position certificate for members of the public force...)
- If you are not the owner or tenant of your accommodation: a certificate of accommodation issued by the Directorate of Public Security
- If applicable, a recent certificate of financial support from another resident
Foreign nationals with a valid residence permit from the Principality of Monaco and who can prove they have a primary residence are eligible to obtain this certificate.
Only those who have been living in the Principality of Monaco for less than six months, and who can present documents justifying an exemption, will be able to obtain a residence certificate. The residence certificate is valid for 6 months and is signed by the director of Public Security or a police commissioner. When collecting the residence certificate, a Monaco fiscal stamp of 5 euros is required, representing the issuance fee for the certificate.
In order to obtain your residence certificate, several documents need to be provided.
The required documents are as follows:
- A valid passport or identity card
- A signed affidavit from the applicant
- The latest utility bill (electricity or gas)
- Proof of income relevant to your situation:
- A military position certificate for members of the armed forces
- If you are not the owner or tenant of your accommodation: a certificate of accommodation issued by the Directorate of Public Security, to be filled out by the host
- The request made to the organization responsible for issuing the residence certificate
- If the request is for a school scholarship, a certificate of enrollment
To make this request, you can visit this link: the official portal.
The timeline for obtaining residence in Monaco varies depending on several factors. The preparation and submission of the application can take several weeks or months based on your personal situation. The initial processing of the residence permit application typically takes between 1 and 3 months. Once the application is submitted, the temporary residence permit can be issued within 1 to 3 months after the complete application is submitted. Obtaining the permanent residence card can take several weeks to a few months, depending on administrative procedures.In summary, the entire process can take 3 to 6 months to obtain a temporary residence permit, although external factors such as additional checks may extend this timeline.
No, you are not required to renounce your original nationality to become a resident of Monaco. The Principality of Monaco does not require its foreign residents to renounce their nationality, unlike some countries that impose renunciation of original nationality when acquiring a new one. However, if you wish to become a Monegasque citizen, the situation will be different.
Yes, it is possible to apply for Monegasque nationality after obtaining residence in Monaco, but the process is complex and strictly regulated. Monegasque nationality is not automatically granted after a certain number of years of residence, and the criteria are much stricter than for mere residency.
Yes, minor children automatically obtain residence in Monaco if their parents become residents, under certain conditions. If the parents are unmarried, a minor child can obtain Monegasque residence if they live with one of the resident parents and that parent can prove responsibility and financial support for the child. It may also be necessary to provide documents confirming this custody or residence situation. Children born in Monaco to foreign parents can also obtain residence under certain conditions, but this will depend on the parents' situation. If one parent is already a resident of Monaco, the minor child will benefit from residence.
Monaco is a tax haven for residents, primarily due to the absence of personal income tax and wealth tax. However, residents must be mindful of local tax obligations, including consumption taxes, inheritance duties, and local taxes. It is always advisable to consult a Monegasque tax advisor to ensure compliance with all tax obligations, especially if international tax agreements are involved.
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